RSA 408:26 · Qualification of Companies; Subsidiaries and Affiliates

408:26 Qualification of Companies; Subsidiaries and Affiliates. –

Copy link

I.

No company shall issue for delivery within this state variable products unless it is licensed to do so in this state.

Copy link

II.

A variable product license will only be issued to a company licensed in this state to conduct life insurance and annuity business if the commissioner is satisfied that the life insurance company's condition or method of operation in connection with the issuance of variable products will not render its operation hazardous to the public or its policyholders in this state. In this connection, the commissioner shall consider, among other things:

Copy link

(a)

The history and financial condition of the company;

Copy link

(b)

The character, responsibility, and fitness of the officers and directors of the company; and

Copy link

(c)

The law and regulation under which the company is authorized in the state of domicile to issue variable products. The state of entry of an alien company shall be deemed its place of domicile for this purpose.

Copy link

III.

If the company is a subsidiary of an admitted life insurance company, or affiliated with such company through common management or ownership, it may be deemed by the commissioner to have met the provisions of this section if either it or the parent or the affiliated company meets the requirements hereof. Source. 2022, 144:1, eff. Jan. 1, 2023.

Copy link